News

Who is more likely to fall for a banking scam?

Young adults are more likely than their parents and grandparents to transfer money to a fraudster

According to the British Bankers’ Association (BBA), those aged 25 and under could be much more vulnerable to scams and techniques like “vishing” than pensioners.

The BBA’s research found that nearly one in six of 18 to 25-year-olds who have a bank account would willingly authorise a money transfer into a “safe” account, if someone they believed worked for their bank instructed them to do so because of a security breach.

This is compared to only one in 17 of 45 to 54-year-olds and just one in 14 of those aged 55 plus.

As part of its “Know Fraud, No Fraud” campaign, the BBA has outlined eight things your bank will NEVER ask you to do (but a fraudster might), as follows:

1. Call or email to ask you for your full PIN number or any online banking passwords.